7. Run the G/L report

Run the appropriate Gains & Losses report

Select Reports, Gains and Losses from the main menu.   In version 7 and up the following report types are available:

1. Gains & Losses - This is the standard TradeLog® G&L report which has been used successfully for the last 6 years. This report results in about half as many pages as the official IRS schedule D-1 and has never had a problem with the IRS.

    

2. IRS Schedule D-1 - This report is for those users who require a more exact replica of the IRS form.

    

3. TXF File Import - This report is for exporting to popular tax software.

The IRS Schedule D has both a short-term and a long-term section, and all of the above reports have a short-term and long-term section as well.

Please make sure the Adjust for Wash Sales and between Shorts and Longs check boxes are checked prior to running the report to include wash sale adjustments in the report.   (Note: Some accountants disagree with calculating wash sales between short and long trades, so this option can be disabled by un-checking this box.   Please consult with your accountant if you have questions on this option.)

Mark-to-Market accounting (TradeLog® MTM users only):        

Please check the Form 4797 Attachment report type. The Adjust for Wash Sales box should not be checked prior to running the report.

Other reports available to TradeLog® MTM users are the Securities Marked-to-Market report and the Section 481 Adjustment report. Please see our Additional MTM Reports section of the Comprehensive User Guide for details.

Please see Running Reports in the Comprehensive User Guide for more details.

You are now ready for step 8: File your taxes